Korea’s current account records 9-month surplus high in July

Favorable exports, mainly those of steel and petroleum products, led the goods account surplus, the central bank said.

The goods account surplus went from $2.7 billion in June to more than double that at $5.89 billion in July.

Exports recorded $50.6 billion in July, up $3 billion from the previous month and up more than 25 percent year-on-year. Imports recorded $44.2 billion in July, showing a 25-percent increase year-on-year.

Exports of petroleum, steel and chemical products showed a large increase while export of semiconductors and display panels decreased in July.

By region, Korea’s exports to Southeast Asia, the Middle East, China, and Latin America increased in July over the previous month while Korea’s exports to the United States and the EU declined in July.

Korea’s exports to Japan, in particular, recorded nearly a 38-percent increase in July from the previous month.